Tuesday, March 12, 2013

Florence Hospital in Arizona Declares Chapter 11 Bankruptcy

Exactly one year after opening, Florence (Ariz.) Hospital at Anthem has filed for Chapter 11 bankruptcy, according to a Casa Grande Dispatch report. Florence Hospital CEO David Wanger told the Casa Grande Dispatch that the 36-bed hospital has performed well in its primary service areas, but volumes have lagged in its secondary service areas and local prison population. Although Florence Hospital has not missed any payments on its debts, it has fallen short of profit margin and cash on hand requirements outlined in its lease with its landlord. Florence Hospital will now look to have a reorganization plan approved by a bankruptcy court.

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